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We all would have come across these three letters- ‘NFT’ on every social media we enter. That is how impactful the three alphabets have become. They captured the attention of people of all age groups. From commoners to established business people, everyone is obsessed with NFTs. Before jumping into the topic too deep, let us first go through the basics.
A quick look at NFTs.
NFT stands for Non-fungible Tokens. It is, in simple terms, virtual assets, and you can derive the quality of these tokens from their very name. Yes, they are not fungible. It means that they vary greatly in their values. Unlike cryptocurrencies you cannot exchange non-fungible tokens. These tokens are known for their uniqueness. Every NFT is one of a kind, and so they provide authenticity. NFT trade is usually carried out on platforms called NFT marketplaces.